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there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax rates will hurt the economy. now we need a response from the white house. >> unless the two sides reach an agreement by the end of this year, the automatic tax increases and spending cuts will take effect in the new year. >>> time to get a check on the markets now. the nikkei here in tokyo rose above the key 9,500 level as concerns about the u.s. economy eased. the nikkei index right now trading at 9521, a gain of over .5% from wednesday's close. traders said positive remarks about a fiscal cliff deal by president obama are aiding share prices. i guess port-related issues are leading the gains as the weakening tren
there is a bottom-line amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan. >> obama added that if republican officials acknowledged this reality, the actual numbers proposed by each party are not that far apart. republicans have made a counteroffer. they want to raise revenue by reviewing the current tax deduke system. house speaker john boehner has urged the president to compromise. >> our members believe strongly that raising tax...
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Dec 5, 2012
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mes both ses have what the say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you looked at
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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Dec 4, 2012
12/12
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the thing i'm su of is that we g to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i put my house on the market. at the end of this year there will be consequences. it's unclear... in the past when these consequences or these deadlines have arisen they've just put them off. that's how we got to where we are today. are you confident, as confident that they will actually come up with a permanent solution before this deadline or that they'll just... >> we can't kick it down the road. that would be disaster. look, this is is the magic moment. we have a second-term democrat president who has put entitlements on the table with special physicianitey. we have a republican speaker
the thing i'm su of is that we g to end up with at least $4 trillion of deficit reduction. some of that's got to come from revenues. i guarantee you the white house isn't going to do a deal unless it has an increase in tax rates for part of that revenue. i'm assuming that the republicans are going to insist that there be more cuts on the health care entitlements than what's been put on the table to date. >> ifill: here's the difference between what we're seeing now and what happens when i...
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Dec 3, 2012
12/12
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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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Dec 3, 2012
12/12
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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Dec 7, 2012
12/12
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two years? >> well, the people woke up. i think young people are waking up. you can't do this. you can't tax your way out of this hole. you can't grow your way out of this hole. we had every economist say you could have double-digit growth for 20 years and can't get out of the hole. you can't cut spending out of your hole. we got five democrats, five republicans, ranging from dick durbin to illinois-- great progressive democrat-- and coburn from oklahoma, and five dems, five republicans, one independent, that's a super majority. and for god's sake the reason we were so successful is that we effectively piss
years ago, two and a half years ago, you are aproasmed to chaiapproached tochair a commits to set up a deficit reduction plan for the country. you study it. you're very diligent. everybody hates it within 24 hours. the democrats say it's too austere. the republicans say you're raising tax too much. two years later as we stand on the precipiceave cliff, suddenly this plan as seen as the mosterably thing in town and people are coming to you to find out your sage advice. what happened in those two...
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Dec 6, 2012
12/12
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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Dec 3, 2012
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. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the last second where they agreed. while they are bluffing, we could go over the cliff. >> where are we headed, mark? >> one side says that raising tax rates is an example, the other side says we will not balance the budget on the backs of students and seniors without asking those who make as much as i do not to pay another diamond. we are in the chest thumping a stage of this negotiation. we are interested in the product rather than the process. the process does the fact of the product and you don't want hostilities to make the final product unreachable. >> nina, there were a bunch of c.l.'s in town saying please do something so we can p
. >> that is erskine bowles, who along with alan simpson shared the deficit reduction commission a couple of years ago. they are both in town trying to pound a sense at into elected leaders. evan thomas has been out of town promoting his book, "ike's bluff." terrific christmas present. >> thank you. >> as i recall, we were having the same composition we are having now. >> like groundhog day. talk about bluffing -- they will be complete unreasonable until the...
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Dec 7, 2012
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the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out
the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for...
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Dec 2, 2012
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how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside that we're prepared to do some very detailed things on the spending side, and we're -- >> there's no guarantee, right? didn't that say that? at least according to the read-out we got, your plan, so you can feel free to correct me because you haven't given me a read-out of it. >> guaranteed up front measurable savings scored by sea enacted into law. the only guarantee is when congress enacts policies. >> you would be willing to go for specific things and guarantee that there would be a specific amount of cuts? >> of course, of course. >> but that's next year? >> no, that's not tr
how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside...
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now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help the fund. but it is loans that were done during the really bad years in this country before the housing crisis that are continuing to have the shadow effect on the fha portfolio and that what's driving this loss expectation just recently released and secretary donovan talked about today. melissa: there is evidence they continue to make bad bets going forward. this is part of this program to help people buy houses and help people who have low fico scores and who have had problems in their past. maybe their way of doing business, and you're someone who sat at the helm for a long time, maybe their wa
now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help...
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Dec 5, 2012
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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Dec 5, 2012
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of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted president mitt romney. they spent through the roof to get president mitt romney and they lost. they did not get a president romney. they still have a president obama. but now they're at the president obama white house almost every week meeting with president obama. and i unde t a i underst what ab the f all this face time with president. does t i we're tol elizabe mas sea committ them on board with his agenda, particularly for his side of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be b
of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted...
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Dec 4, 2012
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the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group advocating for everyone of these deductions, people are used to getting them. could they end up on the chopping block? >> guest: they are on the table. republicans put them on the table and say we'd rather do this. but rather get rid of tax breaks that raise rates. in the end, you probably will see some of those. this is a process that will go on for the better part of the year. said during the process of negotiating a deal, you'll see some of those. >> host: john mckinnon is a reporter for "the wall street journal." we are talking about tax loopholes and ded
the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group...
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Dec 3, 2012
12/12
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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Dec 10, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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Dec 10, 2012
12/12
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his tough 2013 budget, targeting a deficit of just 1.8% of gdp, is expected to pass by christmas. the financial reformer postretirement would effectively move italy's next election forward by just -- reformer's retirement would effectively move italy's next election forward by just a month or two. berlusconi announced he would run again for prime minister. in a newspaper interview, the head of the euro bailout fund said that could mean more financial trouble ahead for italy and for the eurozone. italy has pushed through important reforms in the past year, he said. markets have honored this so far. however, they have acted with concern to the recent developments at the end of last week. u.s. ratings agency standard and poor's also expressed doubts about whether italy passed next government would remain committed to the next reforms -- italy's's next government would remain committed to the end -- italy's next government would remain committed to the reforms. >> our correspondents and does this report from the frankfurt stock exchange -- our correspondent sent us this report from th
his tough 2013 budget, targeting a deficit of just 1.8% of gdp, is expected to pass by christmas. the financial reformer postretirement would effectively move italy's next election forward by just -- reformer's retirement would effectively move italy's next election forward by just a month or two. berlusconi announced he would run again for prime minister. in a newspaper interview, the head of the euro bailout fund said that could mean more financial trouble ahead for italy and for the...
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trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is preeminently where a president has to lead and be specific. you can't expect the republicans to lead on an area that he's dominated in politically. >> here's an entitlement idea, a way to help support medicare, let them dictate price -- drug prices. >> steve, this, to me, is a much more interesting debate than tom and dan. because i think the president has done exactly what he's done in the past in this negotiating. he's not grinding it out with speaker boehner. he's out giving speeches, rallying his base. meeting with groups like moveon.org.
trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is...
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i increased the size of the debt and the deficit. i got everything i wanted. the place is a mess. and look, i got re-elected. so, you know, what's so hard about me continuing to do that and blaming it on them because obviously i'm very good at that. and that's basically where he's going here. and the republicans, i think, are not very good poker players. first of all they signaled that they are kind of really reluctant to go over the cliff, and i think if you are in this kind ever a showdown you have to say, you know, bring it. come on. >> you'll do it. they will get blamed for it, though, if that happens. there's no question. the president is already signaling that. that wouldn't be a pleasant outcome for them. would you say they should suggest to the president they would be willing to do that and then maybe he would give 2nd end? >> i think they have to show that he is in negotiations and that he has to give and they are willing to give and if they just say we are so afraid of getting blamed for that, of course he's going to roll right over them. >> kim, where do you think the r
i increased the size of the debt and the deficit. i got everything i wanted. the place is a mess. and look, i got re-elected. so, you know, what's so hard about me continuing to do that and blaming it on them because obviously i'm very good at that. and that's basically where he's going here. and the republicans, i think, are not very good poker players. first of all they signaled that they are kind of really reluctant to go over the cliff, and i think if you are in this kind ever a showdown...
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Dec 6, 2012
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then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity for them to step forward and show some leadership. the majority of americans do want this right now. congresswoman, the president has asked you to stay on as d next c chair. what is the way forward for the democrats? what's happening here? >> well, we need to continue to focus on rebuilding our economy from the middle class out. president obama talked eloquently and passionately during the campaign about making sure that we can get a handle on this deficit, that we can rebuild our economy from the middle class out, that we can focus on creating jobs and getting the economy turned around, and that's what
then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity...
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Dec 4, 2012
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they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or reducing benefits with medicare. i am also saying if we are looking for additional cuts and we need to do more everyone must be open. >>neil: but you are not open to the thing you said. you were one of the best speechers at the democratic convention but the speech ain't flying. it is implying it is on the republicans they better cough up more in taxes because we will keep feeding the beast. it is not about taming the beast but feeding the beast. >>guest: i need to say this, most of viewers watch this show now believe that all of us are involved in some kind of negotiation. that is not true. >>neil: there
they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or...
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Dec 2, 2012
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we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases right away. >> yeah. >> can i ask you, though, how can you guarantee e that all the extra tax hikes and provisions actually go towards paying the national debt and not more spending and more programs? >> you can't guarantee that but you have a conservative republican congress. they are not going to vote for any spending increase. why not take advantage of that and make the initial cuts and let them go into a stalemate for awhile. that's a pretty big amount. my sges that provides the certainty. we go back to the clinton tax rates. and we make sig
we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases...
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Dec 9, 2012
12/12
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we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fundamentally not good enough. countries with our level of indebtedness grow more slowly and they have a higher chance of some sort of fiscal crisis. we should not mess with either one of those things. i would like to see an aggressive reform of the spending programs. let's
we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax...
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Dec 2, 2012
12/12
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we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring more rain to an area that is already been drenched. chief meteorologist rick reichmuth live from the fox news extreme weather center. if you know rick is hanging out, it must be serious. how bad? >> really bad. this is the second batch of storms they have had this month. earlier in month, a lot of areas saw ten plus inchs of rain. now we have had another series of storms last week where we have seen ten plus inches of rain. the ground is saturated. this storm is windy. windy conditions across colorado, spreading across the intermountain west. the ground is saturated, if you take that wind and we will see more trees goin
we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring...
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commissioned by the european union revealed earlier this year that there's a fifty nine billion euro deficit in the spanish banking sector any of the details of this developing story as we get it. other world news now south korea says it's looking to reroute all passenger planes over the yellow sea is to avoid any possible conclusion with daybreak from a long range missile that north korea is planning to launch later this month meanwhile japan is deploying missile interceptors saying they're prepared to down the rocket if it poses a threat insists the rocket will take a satellite into orbit but the u.s. south korea and japan claim it's carrying out intercontinental ballistic missile tests. two officers have died in two more injured in northwest pakistan but an explosion hit a police van the vehicle was patrolling the outskirts of the city of peshawar however it's unclear how the bomb was detonated in cities located in pakistan's volatile tribal region is often targeted by taliban militants. but coming up next an exploration on the dangers of living on the outskirts of the u.s. marine bombing
commissioned by the european union revealed earlier this year that there's a fifty nine billion euro deficit in the spanish banking sector any of the details of this developing story as we get it. other world news now south korea says it's looking to reroute all passenger planes over the yellow sea is to avoid any possible conclusion with daybreak from a long range missile that north korea is planning to launch later this month meanwhile japan is deploying missile interceptors saying they're...
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Dec 3, 2012
12/12
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so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he has worked in the financial community and has a sense of that and vice versa. and so i think he would be a it terrific choice. >> we should say there are a couple other people who have been rumored to being vetted. roger altman, former treasury official, larry fink, be erskine bowles. this what is alan simpson, erskine bowles' partner in the deficit commission, had to say about that possibility last week on the show. >> he said he would be very pleased to do that. he shared that with me personally, as long as they move the treasury department to north carolina, to charlotte. i don't think -- >> he's worked so
so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he...
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Dec 7, 2012
12/12
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it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of the budget and really provides the kind of sense of security that households, small businesses, everybody needs to know so we can start planning for the economy and hopefully getting things growing back again. one of the things you see is that when your debt levels are as high as they are, in this country right now, that's a tamp on economic growth and can harm growth. that's the point we're at. we know that part of a growth strategy will have to be getting control of these deficits and debt and fix the debt as basically saying, we have to work this out and do it in a bipartisan wa
it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of...